Argan, Inc. Increases Share Repurchase Program to $125 Million, Declares Regularly Quarterly Cash Dividend of $0.25 Per Common Share
14 Diciembre 2022 - 3:15PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today
announces that its Board of Directors (the “Board”) approved an
increase to the Company’s existing share repurchase program from
$100 million to $125 million and declared a regular quarterly cash
dividend in the amount of $0.25 per share of common stock, payable
January 31, 2023 to stockholders of record at the close of business
on January 20, 2023.
“The expansion of our share repurchase program, along with our
regularly quarterly dividend, reflects the Board’s commitment to
our disciplined capital allocation strategy and the confidence in
our business,” said David Watson, Argan’s President and Chief
Executive Officer. “Under the share repurchase authorization, we
have repurchased approximately 14% of our outstanding shares at a
cost of approximately $84 million since November 2021. As our
subsidiaries continue to contribute to the growth in backlog,
currently exceeding $0.8 billion, and to successfully execute on
their work, we believe the future for Argan is substantial.”
The Board’s authorization permits the Company to make purchases
of its common stock from time to time in the open market or through
privately negotiated transactions, subject to market and other
conditions, up to the aggregate amount authorized by the Board. The
Board’s authorization allows the repurchase of shares through
January 2024.
About Argan
Argan’s primary business is providing a full range of services
to the power industry, including the renewable energy sector.
Argan’s service offerings focus on the engineering, procurement and
construction of natural gas-fired power plants and renewable energy
facilities, along with related commissioning, operations
management, maintenance, project development and consulting
services, through its Gemma Power Systems and Atlantic Projects
Company operations. Argan also owns The Roberts Company, which is a
fully integrated fabrication, construction and industrial plant
services company, and SMC Infrastructure Solutions, which provides
telecommunications infrastructure services.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. Reference is hereby made to the cautionary
statements made by the Company with respect to risk factors set
forth in its most recent reports on Form 10-K, Forms 10-Q and other
SEC filings. The Company’s future financial performance is subject
to risks and uncertainties including, but not limited to, the
successful addition of new contracts to project backlog, the
receipt of corresponding notices to proceed with contract
activities, and the Company’s ability to successfully complete the
projects that it obtains. The Company has several signed EPC
contracts that have not started and may not start as forecasted due
to market and other circumstances beyond its control. Actual
results and the timing of certain events could differ materially
from those projected in or contemplated by the forward-looking
statements due to the risk factors highlighted above and described
regularly in the Company’s SEC filings.
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David Watson 301.315.0027
Argan (NYSE:AGX)
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